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Mardi 13 Juillet 2021

Biconomy Integrates Chainlink Price Feeds to Enable Gas Payments in Various Cryptocurrencies


In order to ensure fair market rates when paying for transactions, Biconomy has integrated Chainlink Price Feeds on the Ethereum and Polygon mainnets



Biconomy (https://biconomy.io/), a cross-chain transaction infrastructure that simplifies the Web 3.0 experience, announced today that it has integrated Chainlink in order to calculate execution fees and rebalance its relayer infrastructure on the Polygon and Ethereum mainnets. It will use Chainlink Price Feeds to ensure users receive fair market rates when paying for transactions in a cryptocurrency that differs from the native asset of the blockchain it is operating on.

Biconomy enables blockchain developers to provide a simplified onboarding and transaction experience for users of Web 3.0 and blockchain projects. It does this through powerful APIs that remove many of the complexities that are inherent to Web 3.0 applications. Recently, Biconomy launched a module called Forward that allows end-users to pay dApp gas fees in supported ERC-20 tokens and stablecoins rather than the underlying blockchain cryptocurrency of the blockchain they are working on (i.e. ETH or MATIC). At the backend, this requires the users’ tokens to be converted to the native currency of the blockchain/dApp in order to complete a transaction.

The integration with Chainlink ensures that Biconomy is able to calculate the gas fees of each transaction using a precise exchange rate, maintaining a fair and reliable payment infrastructure. This is extremely important when transactions are completed in various currencies. Thus, users can pay for gas in the token of their choice while being assured they are paying the right fees. DApps can enable this new feature to improve the user experience and offer flexible gas payment options.

“As we continue working to simplify Web 3.0, Chainlink will act as a critical component in the architecture we need to simplify payments processes,” said Aniket Jindal, Co-Founder of Biconomy. “Using Forward, Dapp users can now save their ETH holdings instead of wasting it on gas. Moreover, users new to crypto can easily onboard without having ETH on their wallets.”

The on-chain process to completing a Chainlink powered transaction begins with the client retrieving the current gas price from the servers. The ERC20 Forwarder then receives which token the user wants to pay gas in and the price for that token is requested from the oracle aggregator, which references Chainlink Price Feeds. At that point, theERC20 Forwarder calculates correspondingly how many tokens the user should pay to cover their gas and then charges the user. The users fees are then calculated and paid for in the converted ETH.

This Chainlink Price Feed integration marks Biconomy’s first foray into blockchain-agnostic oracle technology. In the future, Biconomy plans on integrating numerous other ERC-20 token price feeds across different blockchain networks, meeting the demands of developers, and spearheading blockchain adoption.

About Biconomy
Biconomy is the multi-chain transaction infrastructure for the next-generation Web 3.0 applications. Through Biconomy’s powerful and easy-to-use APIs, developers can enable a simple and customized user journey so that their end users don’t get frustrated by blockchain complexities. By solving key pain points at the crypto transactional layer, Biconomy is on a mission to bring the familiarity of web 2.0 to simplify Web 3.0 experiences that will drive mass adoption.
https://biconomy.io/

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